Secured loans in the UK - Loans for self employed people in the UK

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> Self Employed People (no need to prove your income)
> CCJ's, Bad Credit & Arrears (no problem)
> Low Rate Secured Loans
> Consolidation Loans

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Secured loans in the UK.

At some or the other stage of our lives we need to fund a need that we can’t manage with our current cash flow. These needs could be a vacation abroad, a new house, a car or a family function. This is the stage when loans come to our help.

Types of loans

Loans could be secured or unsecured. Unsecured loans are not backed by any security or collateral. Credit cards are examples of unsecured loans. Secured loans are backed by a collateral or security and hence the term ‘secured’. The collateral could be a house in case of a home loan or the vehicle in case of a vehicle loan.

When does a borrower need these loans?

UK residents borrow billions of pounds every year. Borrowers take these loans to meet the high standard of living which they may not be able to do at their current income level. It is a very practical option to take a loan these days. The interest rates are low, easy repayment option are available and above all if a borrower does a bit of shopping around he/she can get the best deal.

Interest rates on a secured loan

In case of secured loans the interest rate is known as annual percentage rate or APR. APR in case of a particular loan depends on a host of factors like borrower’s credit history, loan amount, loan duration and some times on the lending institution.
The interest rates are the lowest on secured personal loans in the UK. APR typically ranges from 6% to 25%. As a borrower you may get the best interest rate if you have a very good credit history backed by collateral. Real estate properties command the lowest APR since the property serves as a collateral and there is less depreciation in the property. Other forms of loans like vehicle loans command an interest rate that is greater than that in case of real estate.

How is the collateral handled by the lender?

The lenders do not interfere with the property or collateral being used by the borrower. Only when borrowers do not pay up the installment amount over a long period of time and after repeated reminders the lenders take the possession of the collateral. Getting a secured loan in UK is cheap and very convenient. Secured loans are economical for the borrowers because of the low interest rates.

How does a secured loan create a win-win situation for everyone?

If you have no established credit history or a bad credit history then secured loans are the type of loans that you should look out for. Immigrants to UK might face this problem because of a lack of an established credit history for them. Lending institutions find it convenient to give out secured loans rather than unsecured loans by virtue of the collateral that the borrowers offer. The borrowers are also less likely to default the loan because of the fear of losing their collateral. This way secured loans in UK are creating a win-win situation for everyone.
A borrower with a good credit history, collateral and good income sources can expect loan amounts to the tune of 125% of his/her property value.

How customer oriented is the whole process of obtaining a loan?

In UK the borrowers have very flexible borrowing options which are quite similar to the unsecured loans. The lenders have also started offering web based application methods. The whole process is being made with minimum documentation and time of the customer. In UK a secured loan processing takes around 14 days and the borrower can choose to cancel the it anytime during this period without incurring any penalties.

Personal Details

Title:

Name:

Date of Birth:

- dd/mm/yyyy

E-mail address:

Best Contact Phone:

Mortgage Details

Mortgage Balance:

Est property Value (£):

Loan Details

Amount of Loan (£):

Repayment term required:

yrs

Submit Application

Data Protection

You must complete this section in order to proceed

Terms & Conditions

DATA PROTECTION ACT 1998 

I/we confirm that I/we have the consent of any third party whose details I/we may disclose to Loans 4 People Ltd ("You") to disclose such details and to authorise You and the third parties referred to in the paragraph below to process such details for the purposes of assessing my/our application and administering and enforcing any subsequent loan which may be granted to me/us. 

I/we agree that You and any lender resulting from this application (the "Lender") shall be entitled to use and process, by any medium, the information given by me/us in this application form and any other information about me/us which may be acquired during the lifetime of any loan ("the Data") for the following purposes:- 
 
i.   to provide the Data to and search the files of one or more credit reference or fraud prevention agencies whether before, or during the lifetime of any loan granted to me/us by the Lender, who will keep a record of such search, to confirm the Data, and for the purposes of credit assessment or account administration. I/we understand that You and /or the Lender will record false or inaccurate information if this is given by me/us and fraud is suspected.

ii.   To disclose the Data to credit reference agencies when requested by them for consideration of any future applications for finance made by me or members of my household/family, or for fraud prevention and/or tracing debtors (the agencies may also disclose the Data to other lenders for these purposes)  

iii.   to disclose the Data to any other company within the Lender's group of companies and/or to any third parties (for example, debt counselors and insurers) at any time for the purposes of assessing my/our application and administering and enforcing any subsequent loan whether during the course of my/our application or during the lifetime of any loan granted pursuant to such application;

iv.   to disclose the Data to any third party who replaces or who may replace my/our Lender.
 
PREVENTION OF MONEY LAUNDERING

The Lender and other organisations may use and search the records of credit reference or fraud prevention agencies to check your identity to prevent money laundering, unless you have furnished other satisfactory proof of identity.

RIGHT OF SUBJECT ACCESS

Information held by us will be processed only for purposes for which we have registered under the Data Protection Act. Upon you making a request in writing we will provide you with a copy of the information which we hold concerning you on payment of a fee.

PERSONAL DETAILS AND DATA PRIVACY

The personal details which you submit to us (Personal Data) are held by Loans 4 People Ltd for its own use. It is your responsibility to ensure that your Personal Data is accurate and up to date and to inform us of any changes that need to be made. Loans 4 People Ltd may use the Personal Data for the purposes they have notified to the Office of Information. By submitting your Personal Data you CONSENT to it being processed by Loans 4 People Ltd.

I/We confirm that I accept and understand the above terms & conditions.

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